Michael Foods Reports Increased Earnings In First Quarter 2013

May 14, 2013

Michael Foods Group, Inc. reported financial results for the first quarter of 2013.

Net sales for the quarter ended March 30, 2013 were $484.3 million, compared to $444.8 million in 2012, an increase of 8.9 percent. Net earnings for the quarter ended March 30, 2013 were $14.2 million, compared to $9.4 million in 2012, an increase of 52.3 percent.

Earnings before interest, taxes, depreciation, amortization (EBITDA) and other adjustments for the quarter ended March 30, 2013 were $67.2 million, compared to $61.8 million in 2012, an increase of 8.8 percent.

"In the first quarter, despite continued headwinds associated with weaker consumer demand, we were able to find ways to help many of our customers grow their volumes and revenues. We also continued to improve our operations while maintaining safety, quality and service standards," said Jim Dwyer, CEO and chairman, in a prepared statement.